Burnett family sell historic Geelong pub
The Burnett family has sold Geelong’s St Lords Hotel after 45 years.
The freehold – 3542 square metres at 3 West Fyans Street, Newtown, collected $12.35 million from a Melbourne based investor.
The leasehold is held by Deborah Mathieson-Tomsic and husband, David’s, Black Rhino Group until 2039 – or with options, for 70 more years.
JLL’s Will Connolly was the agent.
The long lease and predictable income profile – the asset containing a bar, bistro and gaming room with 60 electronic gambling machines – saw it attract a range of buyers following an expressions of interest campaign, he said.
The incoming owner also viewed the yield as comparable to traditional retail, he added.
The deal comes five weeks since Guy Lawson sold the Napier Hotel freehold going concern, in Fitzroy, after 30 years.
Another operator, Baxter Pickard, was the buyer, for c$10m.
Also last month we reported Sam Tresise sold South Melbourne’s Bells Hotel after a renovation and extension, to Saxon Group, while the Zagame family listed Richmond’s Grand Hotel.
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